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According to Chinese news agency Xinhua, China’s Commerce Ministry said that Vice Premier Liu He conducted a phone call with the US Trade Representative Lighthizer and Treasury Secretary Mnuchin. Commerce Minister Zhong Shan and  Central Bank Governor Yi Gang were reportedly also on the call.

“China’s Commerce Ministry says China lodges stern representation on the US  proposal to raise tariffs on Chinese goods from September 1,” the agency reported, per  Reuters.  

With the initial market reaction, the market sentiment turned positive and major equity indexes in the US erased early gains. As of writing, the Nasdaq Composite Index was up 0.8% on the day while the S&P 500 was adding 0.5%.